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GRAINS

May corn was higher overnight as it extends the rally off March's low. Overnight trading sets the stage for a higher opening when the day sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the 50-day moving average crossing at $6.55 1/4 is the next upside target. Closes below last-Wednesday's low crossing at $6.23 1/4 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 50-day moving average crossing at $6.55 1/4. Second resistance is the 62% retracement level of the October-March decline crossing at $6.71 3/4. First support is last-Wednesday's low crossing at $6.23 1/4. Second support is March's low crossing at $6.06 3/4.

May wheat was higher overnight as it extends the rally off last-Wednesday's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 16th high crossing at $7.12 1/2 would signal that a short-term low has been posted while opening the door for additional short-covering gains. If May renews the decline off February's high, the 87% retracement level of the 2020-2022 rally crossing at $6.32 is the next downside target. First resistance is the March 16th high crossing at $7.12 1/2. Second resistance is the 50-day moving average crossing at $7.31 1/2. First support is last-Wednesday's low crossing at $6.54. Second support is the 87% retracement level of the 2020-2022 rally crossing at $6.32.

May Kansas City wheat was higher overnight as it extends the rally off March's low and sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the February 21st high crossing at $9.04 is the next upside target. Closes below the 20-day moving average crossing at $8.22 3/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $8.87 3/4. Second resistance is the February 21st high crossing at $9.04. First support is last-Wednesday's low crossing at $7.91 1/4. Second support is March's low crossing at $7.72 1/2.

May Minneapolis wheat was higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $8.85 would open the door for additional gains and a possible test of the February 21st high crossing at $9.28 1/2. Closes below the 20-day moving average crossing at $8.53 1/4 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $8.85. Second resistance is the February 21st high crossing at $9.28 1/2. First support is last-Wednesday's low crossing at $8.27. Second support is March's low crossing at $8.14.

SOYBEAN COMPLEX

May soybeans were steady to fractionally higher overnight as it extends this week's sharp rally. Overnight trading sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing $14.83 3/4 would confirm that a short-term low has been posted. If May renews the decline off March's high, the 62% retracement level of the July-February rally crossing at $13.94 1/2 is the next downside target. First resistance is the 20-day moving average crossing $14.83 3/4. Second resistance is the 50-day moving average crossing at $15.03. First support is last-Friday's low crossing at $14.05. Second support is the 62% retracement level of the July-February rally crossing at $13.94 1/2.

May soybean meal was higher overnight as it extends the rally off last-Friday's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $469.90 would signal that a low has been posted. If May renews this month's decline, the 38% retracement level of the 2021-2023 rally crossing at $430.80 is the next downside target. First resistance is the 10-day moving average crossing at $456.10. Second resistance is the 50-day moving average crossing at $469.90. First support is last-Friday's low crossing at $435.00. Second support is the 38% retracement level of the 2021-2023 rally crossing at $430.80.

May soybean oil was steady to slightly lower overnight and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 56.87 would signal that a short-term low has been posted while opening the door for additional gains near-term. If May renews the decline off February's high, the 62% retracement level of the 2020-2022 rally crossing at 50.79 is the next downside target. First resistance is the 10-day moving average crossing at 55.40. Second resistance is the 20-day moving average crossing at 56.87. First support is last-Thursday's low crossing at 51.28. Second support is the 62% retracement level of the 2020-2022 rally crossing at 50.79.

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